Never miss an update

WOMEN'S CORRAL WESTERN WOMEN'S 5.5 LEATHER BOOTS/ FLEUR DE WESTERN LIS/ BROWN SIZE 5.5 d27175a




Item specifics

Condition:
New with box: A brand-new, unused, and unworn item (including handmade items) in the original packaging (such as ... Read moreabout the condition
Country/Region of Manufacture: Mexico
Material: Leather Style: Cowboy, Western
Width: Medium (B, M) US Shoe Size (Women's): 5.5
Color: Brown Heel Height: Med (1 3/4 in. to 2 3/4 in.)
Brand: Corral UPC: N/A
Never miss an update

WOMEN'S CORRAL WESTERN WOMEN'S 5.5 LEATHER BOOTS/ FLEUR DE WESTERN LIS/ BROWN SIZE 5.5 d27175a - blurrypron.com

    WOMEN'S CORRAL WESTERN WOMEN'S 5.5 LEATHER BOOTS/ FLEUR DE WESTERN LIS/ BROWN SIZE 5.5 d27175a
    WOMEN'S CORRAL WESTERN WOMEN'S 5.5 LEATHER BOOTS/ FLEUR DE WESTERN LIS/ BROWN SIZE 5.5 d27175a
    NEW TORY BURCH "SOFIA" Lug Sole Ankle Booties Boots Festival BROWN $458 , FENTY PUMA by RIHANNA Women SB Wedge black chain Boots Size 7.5 Slides bow NEWWomen's Cole Haan Black Leather Boots, Side Studs, Size 7Durango Boot Women's DRD0122 12" Durango Crush Boot , Remonte Women's Chandra D4377 Patchwork Ankle Boot Chianti/Graphit/Black SizeARS-WH-PP Dryshod Arctic Storm Women's Hi Black/Purple Size Women's 8Donald J Pliner Coralie Blk Suede Rhinestone Block Heel Ankle Bootie 7 New $298 , Stuart Weitzman NWT Black Suede "Coverup" Platform Ankle Boots SZ 9.5 , Madewell $210 The Jillian Boots in Velvet 8.5 Night Vision Blue Ankle H1535 , EDOCHE Turkish Hand Embroidered Mid-Calf Boots Black Velvet Floral Women's 38/8 , Swedish Hasbeen Clog Boots, Red, Size 37Womens DIESEL brown distessed leather mid calf boots sz. 36 NEW! 221287 , MUK LUKS Women's Massak Short Boot Ivory/Fairisle Winter Boots , STUART WEITZMAN WOMENS Black Tall Mid Calf Stretch Boots SIZE 4M NEWMerrell Thermo Shiver 8" WTPF Boot SIZE: 5 Black BRAND NEW, UNUSED Wmns , CORRAL Women's SIZE 6.5 M Bronze Cowgirl Boots w/ Studs, Cross, Inlay LeatherTory Burch Eloise Knee high brown leather boots w/ logo sz 8 MBeautiful Taryn Rose Chocolate Brown Patent Leather Heel Boots Size 4.5 , Ariat Women's Fatbaby Heritage Distressed Brown Leather Cowboy BootsKurt Geiger Magnum Women's Shoes Black Leather Knee High Boots Sz New $550 , Marc By Marc Jacobs Womens Silver Multi Camilla Ankle Boots Shoe Size 9 , DONALD J PLINER - GREECE LASER-CUT OPEN TOE BOOTIE HEEL SZ 9, RETAIL $248WOMENS ROBERTO CLERGERIE BLACK LEATHER KNEE HIGH HEEL ZIP BOOTS 6 M BARNEYS NYWomen's PRADA Black Leather Boots Full Zip Size 35 EUR , DAN POST Black Invy Western Snip Toe Leather Suede Studs Boot DP3582 WOMEN 6.5 M , Cynthia Vincent Womens Boots Suede Nibble Ankle Fringe Stacked Heel Size 6M , NWT Cole Haan Air Kennedy Boots Lug Sole Buckle Black 9 B Med Suede Leather , Bed Stu La Cruces Womens White Distressed Leather Hurrache flats 7.5M MSRP $200 , Bed | Stu Women's Lancy Windsor Tan Glaze Western 121022 Boots Sz. 7 - 10 M $275
    WOMEN'S CORRAL WESTERN WOMEN'S 5.5 LEATHER BOOTS/ FLEUR DE WESTERN LIS/ BROWN SIZE 5.5 d27175a - blurrypron.com>WOMEN'S CORRAL WESTERN WOMEN'S 5.5 LEATHER BOOTS/ FLEUR DE WESTERN LIS/ BROWN SIZE 5.5 d27175a - blurrypron.com
    Vintage Women leather Riding Motorcycle Combat Buckle Roma Ankle Boots Shoe B862Vince Camuto Caden black leather snake print ankle booties sz. 7 M , New CLUB MONACO Dark Green Suede Knee High Boots Heels women shoes 38.5 8.5 8Habbot Stirling Houndstooth Black White Mary Jane wedge heels size 40 BNWOT , J Slides Men's Dimmi Sneaker, Black Suede, 11 Medium USWomen’s SoftWalk Adora Slip On Shoe Black Narrow 11 #NA07S-M210 , Sperry Top Sider Womens Boots Saltwater Tan Dark Brown STS91176CROC CROCBAND WINTER FLAT OLIVIA ALICE MARY JANE PRIMA SHOE~Brown~W 10~NWT , Calvin Klein 34E4586-SND Womens Alannah Pointed Toe Flat- Choose SZ/Color. , Alexander McQueen Metallic Red Peep-Toe Pumps, Flower Applique sz 40 US 10Mcrocs Womens 15753 Wrap Colorlit Flat- Pick SZ/Color.Brand New YSL Saint Laurent Kitten Heel Pump In Black Patent Size 37Ethem Genuins Clifton Buckle Comfort Thong SandalGentleman/Lady Skechers Womens Seager-STAT-Scalloped Collar- Select SZ/Color. Practical and economical Impeccable Elegant and solemn , DOLCE & GABBANA WOMAN HIGH HEELS WEDGE SANDALS SHOES CANVAS CODE C13086Man/Woman Adrianna Papell Women's Casey Wedge Sandal Elegant appearance Cheaper than the price Very good color , Merrell Mens Burnt Rock Castlerock Walking Shoes Size 11.5 (413328) , Converse CONS One Star Pro 3V OX Light Blue / Navy 162519CGentleman/Lady Adidas Gazelle S.E. - CM7999 Durable service Trendy Cost-effectiveNike SB Zoom Dunk Low Pro - Nightshade Size 9.5 New SharkNike Air max plus TXT trainers sneakers shoes 647315 002 eu 40 us 7 NEW+BOX , Under Armour Curry 2 “BHM” Mens Size 9Hey Dude Men's Wally Woven Beige Shoes Size 11, 12 and 13New Men Pointy Toe Pull On High Top Multi Sneakers Casual Shoes Breathable Pumps , NEW ECCO Agua Sport Women Water Different Sizes HEMI Shoes L/10-10.5 R/11-11.5 , New Balance WR2102TP: Women's Taupe Traverse Leather Sandals , Sesto Meucci Womens $325 Black Leather Spats High Heel Ankle Boots Size 36Women’s Latigo Carly Leather Crochet Ankle Boots, Size 9 1/2M, Excellent, Sharp!Country Love Boots Round Toe Women's Cowboy Boots , Very Volatile Women's Lookout Western Boot, Off White, 6.5 B US ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    WOMEN'S CORRAL WESTERN WOMEN'S 5.5 LEATHER BOOTS/ FLEUR DE WESTERN LIS/ BROWN SIZE 5.5 d27175a - blurrypron.com

    There’s no doubt that the last 2 years has seen the coming of age of ETFs. With what was once an unknown type of investment quickly becoming a $30b industry in Australia ($3 trillion globally). However, as ETFs have moved from the unknown to the flavour of the month, an increasing number of commentators have called on the risks ETF investors face, with some even stating that ETFs will be the source of the next market crash. Today we take a look at some of the claims as to why some believe there are so many risks associated with ETFs.

    Claim 1: ETFS are blindly pushing up stock prices

    Many have written about share markets being at record highs. In an interview with the AFR, Wilson Asset Management chief Geoff Wilson discussed his portfolios’ current high weightings to cash due to concerns of market over-valuations. 

    US based fund manager FPA capital called ETFs “Weapons of Mass Destruction”and stated “The flood of money into passive products is making stock prices move in lockstep and creating markets increasingly divorced from underlying fundamentals”. The argument they make is as ETFs blindly invest in stocks in their chosen index and ignore the underlying fundamentals of these companies. This causes these companies prices to be bid up to prices that do not support their fundamentals (ie a bubble), and eventually history repeats, the bubble bursts and markets crash.

    What do we think?

    ETFs account for around 10% of US stocks’ market value and less than 1% in Australia. In the US at least this is not an immaterial amount. However, the active managers whom ETFs have taken business from generally have mandates which force them to invest a certain percentage in the market. As a result, active managers have always been investing in expensive markets and pushing up prices. Additionally, what is currently called by many analysis as expensive equity markets could also be attributed to global record low interest rates rather than an uptick in passive investing. In saying that, since the last major market crash (the 2008 GFC), the proportion of total assets in ETFs are considerably higher and continual growth of passive investing must be considered as a possible cause of markets becoming expensive.

    Recently we’ve seen Vaneck reweight their huge Junior Gold Miner’s ETF as they approached 20% limits in some of their smaller holdings. This meant selling out of these small gold miners which saw large falls in some of these shares (some of which was blamed on hedge funds looking to capitalise on the opportunity). This is a great example of the influence that ETFs can have, albeit this is at the small end of the market.

    Claim 2: ETFs will sell on mass and compound market falls

    One of the known weaknesses of a managed fund structure is the ability for investors to fairly easily redeem their funds, meaning at times of market falls, when a fund manager may find the best investment opportunities, the investors in the fund are panicking and redeeming their investments, meaning the fund manager becomes a forced seller rather than a buyer. This was one of the reasons Forager decided to turn their Australian Share Fund (FOR) into a Listed Investment Trust, where the pool of capital for them to invest was guaranteed.

    The one thing stopping simple redemption of managed funds during market crashes is another one of its weaknesses, which is managed funds are not simple to trade, and require the investor to apply to the fund to redeem units. This can involve filling out paper forms, and an apathetic investor may simply not be bothered.

    What do we think?

    One of the greatest advantages of ETFs is also one of its weaknesses when it comes to the above, with ETFs able to be traded on the ASX, a panicked investor simply has to log into their online brokerage account and hit the sell button. If a buyer does not exist on the other side of the trade, the ETF issuer is forced to then sell the underlying holdings which could very well begin a contagion effect.

    However, we come back to the size of the ETF market, at around 1% of the Australian market and 10% of the US market. Investors selling underlying stocks that they own through their broker will have the exact same impact as the reasonably small proportion of ETFs. We believe the actual impact of this event would be not materially higher than what currently exists.

    Claim 3: ETFS with low liquidity will be hard to sell if markets fall

    Peter Switzer recently spoke about a client who had received advice that an ETF with low liquidity would be difficult to sell if markets fall. The argument being that without a liquid market the seller would be unable to find a buyer on the other side of the trade and would need to sell at a significant discount.

    What do we think?

    One of the somewhat unknown components of ETFs is the role of the market maker. Essentially the market maker’s role is to provide liquidity to an ETF, so that if there is not an existing ETF unit on the other side of an ETF trade, the market maker must create an ETF unit for a buyer, or absorb an ETF unit for a seller. It is then the ETF issuer's role to buy or sell the underlying assets that the ETF holds. This means that regardless of an ETF’s liquidity, a market maker will always exist to buy an ETF off an investor even if the markets in free fall.

    However, there is a caveat to the above. Market makers make a profit by charging a spread between the buy price and the sell price of an ETF. The spread becomes the market maker’s profit margin. In a free falling market it may be difficult for the market maker to price the underlying investments forcing them to create a huge spread between the buy and sell price to protect their margins. This was seen in the 2015 Dow Jones ‘Flash Crash’, where some ETFs dropped 30% when the market makers were unable to price the underlying securities.

    WOMEN'S CORRAL WESTERN WOMEN'S 5.5 LEATHER BOOTS/ FLEUR DE WESTERN LIS/ BROWN SIZE 5.5 d27175a - blurrypron.com

    Finally, an ETF is only ever as liquid as its underlying holdings. ETFs which invest in illiquid investments may have great liquidity, but if the underlying investments do not, this will likely be reflected in falls in both the underlying holdings and the ETF during market falls. This may be more likely to play out at the small cap end of the sharemarket and within unlisted asset classes.

    Claim 4: ‘Exotic’ ETFs are higher risk

    In a recent RBA publication, economist Michelle Cunningham discussed the risks faced with some of the more exotic ETFs, those that are classed as ‘synthetic’ ETFs, meaning the ETF issuer does not hold the underlying investments, rather they rely on a counterparty to pay the return. These ETFs are generally referred to as ‘Synthetic’ or ‘Hedge fund’ in their title. Cunningham raised the risk that the counterparty may default on their obligation, so an additional level of risk exists for the investor.

    What do we think?

    We agree with Cunningham’s analysis, an additional level of risk certainly exists with these ETF structures, however in many cases this is the only way to access to investment strategy that the ETF provides. Nevertheless, investors should be aware of the additional risks that exist.

    Conclusion

    There’s plenty of arguments in both camps about ETFs role in future market crashes. There’s no doubt the world has moved into uncharted territory with the rise of passive investing & ETFs in particular. We do believe, however, that some of the risks are overblow. Nevertheless, investors should be aware of these risks in order to make informed investing decisions. What do you think?

     

    Previous Article

    2017 Financial Year ETF and LIC Performance Table

    Next Article

    New Fixed Interest ETFs expand options for investors

    Leave a Reply
    Find a Fund
    WOMEN'S CORRAL WESTERN WOMEN'S 5.5 LEATHER BOOTS/ FLEUR DE WESTERN LIS/ BROWN SIZE 5.5 d27175a
    Boots
    >
    ;